Saturday 17 October 2026 Export DHI’s income statement to Excel — free account

D.R. Horton, Inc.

DHI Consumer Cyclical Residential Construction

D.R. Horton, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $34.3 billion, down 6.93% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 4.75%, free cash flow fell 44.1% and total debt fell 1.88%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

139.39 0.16 −0.11%

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Market cap: $39.0B
P/E: 13.2×
Fwd P/E: 13.8×
Dividend yield: 1.29%
F-score: 4/9
Altman Z: 6.41
Beneish M: n/a
Dividend safety: 92/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 0.04

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	—	—	—	—	—	—	—	—

Insider Ownership 11.21%

Capital & Financial Ratios $m

Market Cap 39,030.00

Revenue 33,349.80

Net Income 3,094.90

Free Cash Flow 3,206.70

Net Debt 1,987.10

Current Ratio 6.43

Debt/Equity 0.29

P/E ratio 13.21

Fwd P/E 13.80

P/S ratio 1.18

P/B ratio 1.61

Past 5Y EPS Growth 12.54%

This Y EPS Growth (9.70%)

Next Y EPS Growth 8.03%

Next Y revenue growth (4.34%)

Next 5Y EPS Growth 4.56%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 77.04%

10-year low 10-year high

P/S against its own 10 years 60.56%

10-year low 10-year high

P/B against its own 10 years 21.60%

10-year low 10-year high

EV/Sales against its own 10 years 61.89%

10-year low 10-year high

EV/FCF against its own 10 years 8.08%

10-year low 10-year high

Dividends

Payout Ratio 0.17

Annual Dividend Rate 1.80

Annual Dividend Yield 1.29%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.79	0.45 0.45 0.45
2025	1.65	0.40 0.40 0.40 0.45
2024	1.30	0.30 0.30 0.30 0.40
2023	1.05	0.25 0.25 0.25 0.30
2022	0.93	0.23 0.23 0.23 0.25
2021	0.83	0.20 0.20 0.20 0.23
2020	0.73	0.18 0.18 0.18 0.20
2019	0.63	0.15 0.15 0.15 0.18
2018	0.53	0.13 0.13 0.13 0.15
2017	0.43	0.10 0.10 0.10 0.13
2016	0.34	0.08 0.08 0.08 0.10

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	6,420	7,022	5,600	5,126
Receivables	—	—	—	—
Inventory	22,373	24,903	25,287	26,687
Other	—	—	—	—
	28,793	31,925	30,887	31,812

	2023	2024	2025	Q'26
Payables	1,246	1,346	1,222	1,388
ST’ Debt	—	—	—	—
Other	—	—	—	—
	4,350	4,362	4,764	4,949

Compound Annual Growth %

	10y	5y	3y
Sales	12.21%	11.02%	0.76%
Cash Flow	17.19%	19.20%	82.61%
Earnings	16.92%	8.60%	(15.09%)
Book Value	15.42%	15.34%	7.74%

Revenue $m

	Dec	Mar	Jun	Sep	Year
’26	6,887	7,558	9,227	—	—
’25	7,613	7,734	9,226	9,678	34,250
’24	7,726	9,107	9,966	10,003	36,801
’23	7,258	7,973	9,726	10,504	35,460
’22	7,053	7,999	8,788	9,640	33,480
’21	5,933	6,447	7,285	8,109	27,774
’20	4,021	4,500	5,390	6,400	20,311

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	854	(412)	439	—	—
’25	647	(436)	739	2,472	3,421
’24	(153)	(317)	698	1,962	2,190
’23	829	645	788	2,043	4,304
’22	(174)	(660)	272	1,125	562
’21	(252)	97	120	569	534
’20	(114)	(281)	984	833	1,422

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	827	(450)	397	—	—
’25	633	(470)	711	2,433	3,306
’24	(191)	(340)	641	1,934	2,044
’23	782	613	758	2,055	4,208
’22	(205)	(702)	236	1,084	414
’21	(323)	(5)	111	521	305
’20	(132)	(294)	924	766	1,265

Fiscal quarters ending in the months shown.

EPS $

	Dec	Mar	Jun	Sep	Year
’26	2.03	2.24	3.20	—	—
’25	2.61	2.58	3.36	3.04	11.57
’24	2.82	3.52	4.10	3.92	14.34
’23	2.76	2.73	3.90	4.45	13.82
’22	3.17	4.03	4.67	4.67	16.51
’21	2.14	2.53	3.06	3.70	11.41
’20	1.16	1.30	1.72	2.24	6.41

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	22.97	27.21	32.39	34.08	25.51	64.32	59.25	89.05	133.02	110.44	Analyst estimates 2026–2028 Powerpack
	High	34.56	51.83	53.32	56.12	81.21	110.45	108.64	154.64	199.85	184.55
People
People	Employees	6,976	7,735	8,437	8,916	9,716	11,788	13,237	13,450	14,766	14,341
	Revenue/emp, $m	1.74	1.82	1.90	1.97	2.09	2.36	2.53	2.64	2.49	2.39
Income, $m
Income, $m	Revenue	12,157	14,091	16,068	17,593	20,311	27,774	33,480	35,460	36,801	34,250
	Gross margin, %	21.84	21.63	22.84	22.01	24.31	28.35	31.37	26.37	25.91	23.70
	EBT	1,354	1,602	2,060	2,125	2,983	5,356	7,630	6,315	6,285	4,740
	EBT margin, %	11.13	11.37	12.82	12.08	14.69	19.29	22.79	17.81	17.08	13.84
	Net income	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806	3,621
	Depreciation	74	60	72	83	91	82	81	92	87	101
Per share, $
Per share, $	Revenue	32.77	37.65	42.67	47.22	55.57	76.92	95.19	104.08	111.69	111.02
	Earnings	2.39	2.77	3.88	4.34	6.49	11.56	16.65	13.93	14.44	11.62
	Cash flow	1.68	1.18	1.45	2.39	3.89	1.48	1.60	12.63	6.65	11.09
	Capex	(0.23)	(0.42)	0.41	(0.22)	(0.43)	(0.64)	(0.42)	(0.28)	(0.44)	(0.37)
	Free cash flow	1.45	0.76	1.86	2.18	3.46	0.84	1.18	12.35	6.20	10.72
	Book value	18.31	20.70	24.32	27.63	33.16	42.14	56.26	67.91	78.37	80.20
	Shares, m	371	374	377	373	366	361	352	341	330	309
Valuation, ×
Valuation, ×	P/E	12.64	14.43	10.91	12.09	11.64	7.25	4.04	7.61	13.20	14.55
	P/S	0.92	1.06	0.99	1.12	1.36	1.09	0.71	1.02	1.71	1.53
	P/B	1.65	1.93	1.74	1.91	2.28	1.99	1.20	1.56	2.43	2.11
	EV/Sales	1.03	1.15	1.05	1.16	1.35	1.10	0.74	0.98	1.68	1.54
	EV/FCF	23.26	57.35	24.01	25.19	21.63	100.03	59.95	8.28	30.21	15.92
Cash, $m
Cash, $m	Operating cash flow	624	440	545	892	1,422	534	562	4,304	2,190	3,421
	Capex	(86)	(157)	155	(80)	(157)	(230)	(148)	(97)	(146)	(114)
	Free cash flow	538	283	700	812	1,265	305	414	4,208	2,044	3,306
Balance, $m
Balance, $m	Working capital	8,813	9,283	10,945	11,956	14,299	18,356	22,116	24,443	27,563	26,124
	Total debt	3,271	2,872	3,204	3,399	4,283	5,412	6,067	5,095	5,918	5,966
	Net debt	1,305	1,260	901	813	(286)	148	1,108	(1,325)	(1,104)	366
	Shareholders’ equity	6,793	7,748	9,159	10,295	12,122	15,216	19,786	23,138	25,824	24,742
Returns, %
Returns, %	ROA	7.81	8.75	11.11	10.89	13.75	19.45	21.55	15.08	13.85	10.02
	ROIC	10.24	10.94	12.40	11.47	15.26	21.64	22.65	17.48	15.01	11.01
	ROE	13.97	14.28	17.28	16.64	21.18	30.55	33.47	22.11	19.43	14.18

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DHI D.R. Horton, Inc.	$39.0B	13.2×	13.8×	+0.02% (above 0%: growing)	−4.75% (below 0%: shrinking)	−44.12% (below 0%: shrinking)	23.26%	12.52%
LEN.B Lennar Corporation	$38.8B	14.5×	—	−8.67% (below 0%: shrinking)	−48.03% (below 0%: shrinking)	+50.14% (above 0%: growing)	7.69%	5.97%	Compare
PHM PulteGroup, Inc.	$21.2B	11.4×	11.8×	−9.56% (below 0%: shrinking)	−18.36% (below 0%: shrinking)	−105.08% (below 0%: shrinking)	25.04%	15.53%	Compare
LEN Lennar Corporation	$18.5B	14.6×	14.8×	−8.67% (below 0%: shrinking)	−48.03% (below 0%: shrinking)	+50.14% (above 0%: growing)	7.69%	5.97%	Compare
NVR NVR, Inc.	$15.8B	14.6×	17.0×	−10.48% (below 0%: shrinking)	−23.46% (below 0%: shrinking)	−682.68% (below 0%: shrinking)	20.85%	14.17%	Compare
TOL Toll Brothers Inc.	$12.3B	10.7×	10.8×	−9.72% (below 0%: shrinking)	−20.74% (below 0%: shrinking)	−36.31% (below 0%: shrinking)	23.52%	13.51%	Compare
IBP Installed Building Products, Inc.	$5.0B	19.9×	23.8×	+2.30% (above 0%: growing)	−3.56% (below 0%: shrinking)	−30.95% (below 0%: shrinking)	33.29%	12.16%	Compare
SKY Champion Homes, Inc.	$4.3B	22.7×	22.0×	+1.27% (above 0%: growing)	−21.24% (below 0%: shrinking)	−4.47% (below 0%: shrinking)	25.24%	8.49%	Compare
CVCO Cavco Industries, Inc.	$4.1B	22.3×	22.8×	+9.54% (above 0%: growing)	−15.56% (below 0%: shrinking)	+5.65% (above 0%: growing)	22.07%	8.65%	Compare
Median of peers	$14.1B	14.6×	17.0×	−8.67%	−20.99%	−17.71%	22.79%	10.41%

All 19 Residential Construction stocks →

D.R. Horton, Inc. (DHI) key facts

Concern: D.R. Horton, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $34.3 billion, down 6.93% from fiscal 2024.
Concern: Net income was $3.6 billion, or $11.62 per share (basic), a net margin of 10.5%.
D.R. Horton, Inc. (DHI) is a Residential Construction company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
As of October 16, 2026, DHI traded at $139.39, a market capitalization of $39.0 billion.
At that price the stock trades at 13.2× trailing-twelve-month earnings and 1.2× sales; its P/E is higher than 77% of its own readings over the past ten years.
D.R. Horton, Inc. pays an annual dividend of $1.80 per share, a yield of 1.29%, with a payout ratio of 17.1%.
Return on equity was 14.2% and debt-to-equity 0.29.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 6.41 (safe zone) for fiscal 2025.